Yesterday the British Fashion Council in collaboration with the London Business School and in partnership with Land Securities released a report titled Commercialising Creativity – Creating a Model for Success for British Fashion Designer’s.
The report reveals the “commercial secrets of success” for fashion businesses and aims to highlight the importance of commercial guidance and specialist business partners for emerging designers starting their own business.
The BFC commissioned the report to investigate any possible strategy for success in the fashion industry and to help graduates find rewarding careers in their chosen field.
The report’s seven key recommendations to designers are:
▪ Behave as a business
▪ Recognise the importance of product development
▪ Develop the brand’s identity and support it with a marketing and communications plan
▪ Understand and address the challenges of production
▪ Develop a focused sales and distribution strategy
▪ Understand the importance of cashflow, funding and financing
▪ Secure specialist business partners
The report was written by two MBA students from the London Business School, Alessandra Basso and Alejandra Caro. In a statement about the work they say
“The aim of this report is to share the knowledge and experience that exists within the fashion industry with young designers who are starting their own businesses. The enormous support we have received from the British Fashion Council and the industry’s stakeholders further affirms the importance for young creative talents to think about fashion with a business perspective. We hope that our findings will support our creative peers in achieving commercial success.”
This partnership of the British Fashion Council with the London Business School is a new one however, with a necessary report like this for starters, we’re sure it’s one that many emerging designers will celebrate and, according to the BFC, can look forward to many more publications in the future.
For more information visit the British Fashion Council’s website
information and report from The British Fashion Council